Omaha daily bee., 1887-12-07
The Presidents Message.

it is devoted wholly to the one subject of
revenue reduction. The president
could have chosen no more forcible way
to emphasize to the country and to
congress his profound conviction of the
paramount Importance of this subject,
and he has treated it with a clearness
aud earncstncss Of statement which are
evidence Of the careful study he has
given to the question and the deep con-
ccrn he feels in it. He has left no room
for a doubt respecting the attitude OF
the administration regarding what
should be done to relieve the people of
unnecessary taxation and reduce the
revenue of the government
20 the necessary expenses of
its economical operation. Without
outlining. as he was expected to do, II
measure of tariff revision, the president
very plainly indicates the character OF
the measure which he thinks necessary
to meet the requirements Of the eXi-
geucy.
The message reviews the financial
condition of the country since the ad-
operations of the treasury that were re-
quired to relieve monetary distress
and avert more serious state of affairs
believed to be threatened. All the au-
thority and cxpedients within executive
control for affording financial relief
having been exhausted, the responsible
ity of preventing further trouble is now
devolved upon congress. The several
methods that have been suggested for
disposing OF the surplus are briefly con-
sidered, and none of them receives
unqualified approval. AS between the
policies of buying bonds and refunding
them at a lower rate of interest, the
president indicates a preference for the
former. He does not sec it to be certain
that refunding would result in more
financial benefit TO the government than
buying bonds, and the latter course
ing it. With regard to the deposit of
money by the treasury in banks through
out the country, which has been done to
a moderate extent as measure of re-
lief, the president thinks it to be obicc-
tionahlo as creating too close u relation
ship between the operations of the gov
ernment and the business of the coun-
try, and too extensive u co-mingling of
their money, thus fostering an unnatural
reliance in private business upon public
funds. The view of the president is that
the treasury should be as far as possible
divorced from private enterprise, and he
| condemns the policy of granting power
to u single individual to be used at his
discretion to withhold from or release
to the business of the people money held
in the treasury, thus at his will affect
| ing the financial situation OF the coun-
| try. The president is averse to ex-
travagant expenditures for avoiding the
Such policy would be demoralizing to
just conceptions of public duty and
would encourage reckless improvi-
dence not consistent with the mission
of our people or the high and beneti-
cent purposes of the government.
| With regard to revenue reduction the
| president clearly believes that it should
come wholly from the tariff. He regards
| the taxes derived from tobacco and
liquors as giving no just cause of CON-
| plaint to consumers and working nc
hardship to any portion of the people. In
urging the reduction of tariff duties the
| president says it is not proposed to en-
tirely relieve the country of this tax
alton. 1t must be extensively continued
as the source OF the government income
and in readjustment Of the tariff tho
| interests of American labor, as we'll al
the preservation of our manufacturing
industries, are to be considered. Bu
the protection to be given manufac
turers should not mean condition
which, without regard to the publ,
welfare or u national exigency, mus
always insure realization of immense
profits instead of moderately profitable
returns. The claims OF labor to a full
share of regard and advantage ar,
not to be lost sight of, but of more than
seventeen millions of our population
according to the last census, engaged il
all kinds of industries, less than three
millions were employed in the indus
tries claimed to be benefited by tn,
tariff. With no disposition to deprive
this minority Of an advantage, the presi
dent argues that being consumers with
the rest they would derive equal benefi
from such wise reduction OF the tariff as
need not diminish the demand for theil
labor nor reduce their compensation
Special reference is made to the dutie
on wool and wooden manufactures t,
show that the farmer gets in the end n,
advantage from the alleged protec
tion on his wool, since he mus
pay out the whole amount gained q
tariff profit, or more, in the clothin.
and other manufactures Of wool whicl
he must buy. In the formation of com
binations to reduce competition and t.
maintain the prices OF commodities Il
the tariff point the president sees
proof that some are willing to accep
lower prices, and that such prices ar,
rcmunerative, evidence which he think
worthy of consideration in an effort tt
reduce taxation.
The president concludes his careful
and straightforward presentation of thi